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The simple interest I on a principal of P dollars at interest rate r for time t, in years, is given by I = Prt. Find the simple interest on a principal of $6000 at 3% for 2 years. (Hint: 3% = 0.03)
The formula of simple interest is given by: I = Prt
where P = principal, r= rate, t = time
Here, according to the given data,
we find that: P = $ 6,000 r = 0.03 and t = 2 yrs
Hence, substituting in the given formula, we find that I =
I = 6000 * 0.03 * 2
I = 360
Hence, the simple interest is $360
Hence, the solution.